Quinbrook Infrastructure Partners has closed a A$722m ($451.1m) financing agreement – the largest battery storage financing in Australia to date.
The financing will be used for stages 1 and 2 of the 520MW Supernode battery storage project in Queensland.
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The project is situated next to the central node of Queensland’s electricity network.
The project is one of the largest battery energy storage system (BESS) projects currently under development in the country.
Quinbrook has locked in long-term offtake agreements with Origin Energy for the two stages of the project with a generating capacity of 520MW/1856 megawatt hours (MWh).
The third stage of the project is also being planned and will increase the overall generating capacity of the Supernode project to 760MW/3096MWh.
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By GlobalDataA syndicate of the Bank of America, the Commonwealth Bank of Australia, Deutsche Bank, Mizuho Bank and MUFG Bank has provided the financing for the project.
Quinbrook sought advice from ICA Partners for finance, from Norton Rose Fulbright for legal matters and from Aurecon for technical support.
The lenders received advisory services from Allens for legal issues, from RINA for technical advice, from Lockton Companies Australia for insurance, from KPMG for tax matters and from Aurora Energy Research for market insights.
Quinbrook Australia managing director and regional leader Brian Restall stated: “We are very pleased with the successful close of this financing which reflects the robust qualities of the Supernode project as structured by our team, especially the offtake partnership we have agreed with Origin Energy.
“We are grateful for the strong support received from both our existing and new financing partners who recognise the critical role that large-scale storage investments provide in supporting Queensland and the wider National Electricity Market as the energy transition accelerates.”
The Supernode BESS is positioned to store excess solar energy generated throughout the day.
The stored energy can then be shifted to meet evening peak demand, maximising the use of Queensland’s plentiful solar resources long after sunset.
